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Political Subdivision: Indianapolis Public Schools

County: Marion County

Date of Submission: October 5, 2018

Date of Referendum: November 6, 2018

Pursuant to Indiana Code Section 6-1.1-20-3.6(l), the following information is being provided:

1. The cost per square foot of any buildings being constructed as part of the controlled project.

Building Being Constructed/Renovated Cost per Square Foot*

Anna Brochhausen School 88 $3.76

Arlington Community Middle School $1.72

Arlington Woods School 99 $2.47

Arsenal Technical High School $6.89

Brookside School 54 $2.46

Carl Wilde School 79 $2.53

Center for Inquiry School 2 $12.46

Center for Inquiry School 27 $17.27

Center for Inquiry School 70 $3.97

Center for Inquiry School 84 $10.04

Charles Warren Fairbanks School 105 $3.43

Christian Park School 82 $6.89

Clarence Farrington School 61 $4.36

Cold Spring School $2.72

Crispus Attucks High School $3.63

Daniel Webster School 46 $13.98

Edison School of the Arts 47 $2.28

Ignite Achievement Academy @ Elder W Diggs Elementary School 42 $30.82

Eleanor Skillen School 34 $2.79

Emma Donnan Elementary School $1.62

Enlace Academy $2.05

Ernie Pyle School 90 $12.60

Floro Torrence School 83 $3.80

Francis Bellamy School 102 $4.34

Francis W Parker School 56 $6.55

SUPER School @ Frederick Douglass School 19 $3.17

Phalen Leadership Academy @ George H Fisher School 93 $9.74

George S Buck School 94 $2.50

George W Julian School 57 $7.52

George Washington Carver School 87 $64.21

George Washington High School $11.60

Harshman Middle School $2.37

HW Longfellow Medical/STEM Magnet Middle School 28 $2.38

IPS/ Butler Lab @ Eliza Blaker School 55 $8.72

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Building Being Constructed/Renovated Cost per Square Foot*

IPS/ Butler Lab @ William Bell 60 $2.83

James A Garfield School 31 $3.12

James Russell Lowell School 51 $2.85

James Whitcomb Riley School 43 $2.80

Jonathan Jennings School 109 $4.24

Kindezi Academy @ Joyce Kilmer School 69 $25.50

KIPP Indy Unite Elementary/College Prep Middle School $15.39

Lew Wallace School 107 $3.37

Louis B Russell Jr School 48 $8.25

Margaret McFarland School 112 $2.61

Matchbook Learning @ Wendell Phillips School 63 $2.38

Meredith Nicholson School 96 $18.64

Merle Sidener Gifted Academy $17.37

Northwest Community Middle School $10.36

Paul I Miller School 114 $47.60

Phalen Leadership Academy @ Francis Scott Key 103 $2.42

Ralph Waldo Emerson School 58 $2.55

Raymond F Brandes School 65 $15.55

Global Preparatory Academy @ Riverside School 44 $2.72

Robert Lee Frost School 106 $4.19

Rousseau McClellan School 91 $2.80

Shortridge High School $5.80

Stephen Foster School 67 $6.66

Theodore Potter School 74 $2.99

Thomas Gregg Neighborhood School $3.60

URBAN ACT Academy @ Washington Irving 14 $3.98

William McKinley School 39 $6.49

William Penn School 49 $32.76

*Preliminary, subject to change.

2. The effect that approval of the controlled project would have on the political subdivision’s

property tax rate.

The effect that the approval of this project would have on the exempt debt service tax rate is estimated

at a maximum of $0.0332.

3. The maximum term of the bonds or lease.

The maximum term of any series of bonds is 20 years and the maximum term of the lease is 22 years.

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4. The maximum principal amount of the bonds or the maximum lease rental for the lease.

The maximum principal amount of the bonds is $52,000,000 and the maximum annual lease rental is

$4,911,000.

5. The estimated interest rate that will be paid and the total interest costs associated with the bonds

or lease.

The estimated interest rates are 3.75 - 5.15%. Estimated total interest cost of $31,584,378 over the life

of the bond issues.

6. The purpose of the bonds or lease.

The Bonds are being issued for the Indianapolis Public Schools Safety and School Modernization

Project, which includes renovating and improving school facilities, making safety enhancements, and

upgrading campus technology and equipment (the "Project").

7. In the case of a controlled project proposed by a school corporation:

(a) The current and proposed square footage of the school building space per student;

Proposed

Building Being Existing Existing Square Proposed Square Square

Constructed/Renovated Square Feet Feet/Student* Footage** Feet/Student*

Anna Brochhausen School 88 49,938 150 49,938 150

Arlington Community

Middle School 383,997 904 383,997 904

Arlington Woods School 99 78,938 166 78,938 166

Arsenal Technical High School 866,757 342 866,757 342

Brookside School 54 92,984 192 92,984 192

Carl Wilde School 79 80,507 136 80,507 136

Center for Inquiry School 2 40,157 92 40,157 92

Center for Inquiry School 27 74,478 159 74,478 159

Center for Inquiry School 70 61,382 165 61,382 165

Center for Inquiry School 84 68,520 156 68,520 156

Charles Warren Fairbanks

School 105 57,876 172 57,876 172

Christian Park School 82 78,340 206 78,340 206

Clarence Farrington School 61 74,900 127 74,900 127

Cold Spring School 72,489 234 72,489 234

Crispus Attucks High School 247,955 232 247,955 232

Daniel Webster School 46 66,974 158 66,974 158

Edison School of the Arts 47 106,818 178 106,818 178

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Proposed

Building Being Existing Existing Square Proposed Square Square

Constructed/Renovated Square Feet Feet/Student* Footage** Feet/Student*

Ignite Achievement Academy @

Elder Diggs Elementary

School 42 92,000 165 92,000 165

Eleanor Skillen School 34 87,534 244 87,534 244

Emma Donnan

Elementary School 169,366 634 169,366 634

Enlace Academy 111,197 222 111,197 222

Ernie Pyle School 90 44,756 134 44,756 134

Floro Torrence School 83 52,010 202 52,010 202

Francis Bellamy School 102 41,045 595 41,045 595

Francis W Parker School 56 64,073 177 64,073 177

SUPER School @

Frederick Douglass School 19 75,055 154 75,055 154

Phalen Leadership Academy @

George H Fisher School 93 51,575 122 51,575 122

George S Buck School 94 78,938 236 78,938 236

George W Julian School 57 81,255 454 81,255 454

George Washington Carver

School 87 51,152 140 51,152 140

George Washington

High School 300,471 449 300,471 449

Harshman Middle School 121,444 231 121,444 231

HW Longfellow Medical/STEM

Magnet Middle School 28 91,210 204 91,210 204

IPS/ Butler Lab @

Eliza Blaker School 55 36,172 127 36,172 127

IPS/ Butler Lab @

William Bell 60 76,325 136 76,325 136

James A Garfield School 31 80,345 239 80,345 239

James Russell Lowell School 51 89,239 256 89,239 256

James Whitcomb Riley School 43 87,098 202 87,098 202

Jonathan Jennings School 109 44,000 150 44,000 150

Kindezi Academy @

Joyce Kilmer School 69 49,616 1,181 49,616 1,181

KIPP Indy Unite Elementary/

College Prep Middle School 152,649 188 152,649 188

Lew Wallace School 107 59,739 107 59,739 107

Louis B Russell Jr School 48 73,931 247 73,931 247

Margaret McFarland School 112 87,348 1,560 87,348 1,560

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Proposed

Building Being Existing Existing Square Proposed Square Square

Constructed/Renovated Square Feet Feet/Student* Footage** Feet/Student*

Matchbook Learning @

Wendell Phillips School 63 87,900 155 87,900 155

Meredith Nicholson School 96 50,140 147 50,140 147

Merle Sidener Gifted Academy 43,588 124 43,588 124

Northwest Community

Middle School 322,487 855 322,487 855

Paul I Miller School 114 87,485 235 87,485 235

Phalen Leadership Academy @

Francis Scott Key 103 84,056 218 84,056 218

Ralph Waldo Emerson School 58 78,887 262 78,887 262

Raymond F Brandes School 65 43,990 189 43,990 189

Global Preparatory @

Riverside School 44 87,719 479 87,719 479

Robert Lee Frost School 106 56,384 184 56,384 184

Rousseau McClellan School 91 74,730 140 74,730 140

Shortridge High School 296,107 296 296,107 296

Stephen Foster School 67 115,423 191 115,423 191

Theodore Potter School 74 74,267 255 74,267 255

Thomas Gregg

Neighborhood School 86,423 162 86,423 162

URBAN ACT Academy @

Washington Irving 14 93,458 318 93,458 318

William McKinley School 39 84,225 177 84,225 177

William Penn School 49 96,675 149 96,675 149

* Based upon 2018-19 student enrollment, as provided by the School Corporation.

** Preliminary, subject to change.

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(b) Enrollment patterns within the school corporation; and

School Year

Grade

2008/

2009

2009/

2010

2010/

2011

2011/

2012

2012/

2013

2013/

2014

2014/

2015

2015/

2016

2016/

2017

2017/

2018

K-5 18,583 18,264 17,620 17,646 17,545 18,172 17,492 16,418 15,001 13,269

6-8 7,884 6,908 6,839 6,855 6,221 6,562 6,146 5,736 5,395 5,129

9-12 9,203 8,085 7,738 7,261 6,031 5,762 5,932 5,834 5,749 5,634

Totals (1) 35,670 33,257 32,197 31,762 29,797 30,496 29,570 27,988 26,145 24,032

Innovation Schools (2) 0 0 0 0 0 0 0 1,389 3,160 6,322

Totals 35,670 33,257 32,197 31,762 29,797 30,496 29,570 29,377 29.305 30,354

(1) Total ADM counts above reflect only the ADM of the IPS Traditional schools.

(2) Does not include Turnaround Schools enrollment. Charter School’s USA operates three (3)

schools: Emmerich Manual High School, Emma Donnan Middle School and Thomas Car Howe

High School. IPS supports the buildings and improvements for the buildings.

Source: Indiana Department of Education.

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(c) The age and condition of the current school facilities.

Year Additions/

Building Being Constructed/Renovated Constructed Renovations Condition

Anna Brochhausen School 88 1956 1962, 2011 Good

Arlington Community Middle School 1961 1964, 1966, 1996, 2011 Good

Arlington Woods School 99 1953 1961, 1969, 1993 Fair

Arsenal Technical High School 1865 1866, 1869, 1872, 1921, Good

1922, 1928, 1929, 1932,

1939, 1950, 1958, 1963,

1965, 1977, 1978, 1987,

1991, 1994, 2010

Brookside School 54 2006 Excellent

Carl Wilde School 79 1958 1959, 1961, 2012 Fair

Center for Inquiry School 2 1958 1995 Fair

Center for Inquiry School 27 1968 Good

Center for Inquiry School 70 1906 1923, 1987 Fair

Center for Inquiry School 84 1928 1955 Excellent

Charles Warren Fairbanks School 105 1963 1967 Good

Christian Park School 82 1931 1951, 1956 Excellent

Clarence Farrington School 61 1956 1958, 1961, 1986, 1993, 2012 Fair

Cold Spring School 1960 1970, 1991 Fair

Crispus Attucks High School 1926 1950, 1966, 1993 Excellent

Daniel Webster School 46 1995 Good

Edison School of the Arts 47 1980 Good

Ignite Achievement Academy @

Elder W Diggs Elementary School 42 1995 Good

Eleanor Skillen School 34 2005 Excellent

Emma Donnan Elementary School 1954 1980, 1995 Good

Emmerich Manual High School 1953 1963, 1988, 1989 Good

Ernie Pyle School 90 1951 1954 Good

Floro Torrence School 83 1962 Good

Francis Bellamy School 102 1962 1988 Fair

Francis W Parker School 56 1931 1956, 1961, 1963, 1973 Good

Frederick Douglass School 19 1968 1988, 1993 Fair

William Gambold School 108 1964 1967, 1981, 1993 Excellent

Phalen Leadership Academy @

George H Fisher School 93 1967 Good

George S Buck School 94 1961 1981, 1986, 1993 Fair

George W Julian School 57 1902 1975, 1983, 2010 Excellent

George Washington Carver School 87 1936 1972, 1991 Good

George Washington High School 1927 1955, 1960, 1976, 1978 Excellent

Harshman Middle School 1962 1964, 1993 Good

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Year Additions/

Building Being Constructed/Renovated Constructed Renovations Condition

HW Longfellow Medical/STEM

Magnet Middle School 28 1967 1981 Fair

IPS/ Butler Lab @ Eliza Blaker School 55 1958 2011 Fair

IPS/ Butler Lab @ William Bell 60 1968 1995 Good

James A Garfield School 31 1989 2011 Good

James Russell Lowell School 51 2006 Excellent

James Whitcomb Riley School 43 2006 Excellent

Jonathan Jennings School 109 1964 1988 Good

Joyce Kilmer School 69 1931 1951, 1975, 1990 Good

KIPP Indy Unite Elementary/

College Prep Middle School 1966 1970, 1994 Fair

Lew Wallace School 107 1963 1968 Fair

Louis B Russell Jr School 48 1958 1972, 1990 Good

Margaret McFarland School 112 1970 1993 Fair

Matchbook Learning @

Wendell Phillips School 63 2006 Excellent

Meredith Nicholson School 96 1962 1969 Good

Merle Sidener Gifted Academy 1952 1954, 1981 Good

Northwest Community Middle School 1963 1967, 1975, 1996 Good

Paul I Miller School 114 1973 Fair

Phalen Leadership Academy @

Francis Scott Key 103 1965 2012 Good

Ralph Waldo Emerson School 58 1906 1956, 1967 Fair

Raymond F Brandes School 65 1961 1978 Good

Global Preparatory Academy @

Riverside School 44 2005 Excellent

Robert Lee Frost School 106 1963 Good

Rousseau McClellan School 91 1925 1951, 1994 Good

Shortridge High School 1927 1958, 1965, 1974, 1984 Excellent

Stephen Foster School 67 1912 1955, 1969, 1986 Fair

Theodore Potter School 74 1958 1986 Good

Thomas Carr Howe Academy 1938 1954, 1963, 1965, 1970, 1975 Good

Thomas Gregg Neighborhood School 1987 2011 Good

URBAN ACT Academy @

Washington Irving 14 1994 Good

William McKinley School 39 1988 Good

William Penn School 49 1992 Good

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Estimated Total Interest Expense: $31,584,378

Estimated Maximum Annual Payment: $4,911,000

Estimated Maximum Tax Impact: $0.0332

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Assumed Annual

Payment Principal Interest Total Debt Capitalized Net Budget Year Lease Rental

Date Balance Principal Rate (1) Interest Service Interest Debt Service Debt Service Payment

(-----In $1,000's-----) (%) (2)

1/15/2020 $52,000 $1,688,399.74 $1,688,399.74 ($1,688,399.74) $0.00

7/15/2020 52,000 1,196,503.75 1,196,503.75 (1,196,503.75) 0.00 $0.00 $0

1/15/2021 52,000 1,196,503.75 1,196,503.75 (1,196,503.75) 0.00

7/15/2021 52,000 1,196,503.75 1,196,503.75 (1,196,503.75) 0.00 0.00 0

1/15/2022 52,000 1,196,503.75 1,196,503.75 1,196,503.75

7/15/2022 52,000 1,196,503.75 1,196,503.75 1,196,503.75 2,393,007.50 2,399,000

1/15/2023 52,000 1,196,503.75 1,196,503.75 1,196,503.75

7/15/2023 52,000 1,196,503.75 1,196,503.75 1,196,503.75 2,393,007.50 2,399,000

1/15/2024 52,000 $1,255 3.75 1,196,503.75 2,451,503.75 2,451,503.75

7/15/2024 50,745 1,280 3.75 1,172,972.50 2,452,972.50 2,452,972.50 4,904,476.25 4,910,000

1/15/2025 49,465 1,300 3.85 1,148,972.50 2,448,972.50 2,448,972.50

7/15/2025 48,165 1,325 3.85 1,123,947.50 2,448,947.50 2,448,947.50 4,897,920.00 4,903,000

1/15/2026 46,840 1,350 3.95 1,098,441.25 2,448,441.25 2,448,441.25

7/15/2026 45,490 1,380 3.95 1,071,778.75 2,451,778.75 2,451,778.75 4,900,220.00 4,906,000

1/15/2027 44,110 1,405 4.10 1,044,523.75 2,449,523.75 2,449,523.75

7/15/2027 42,705 1,435 4.10 1,015,721.25 2,450,721.25 2,450,721.25 4,900,245.00 4,906,000

1/15/2028 41,270 1,465 4.25 986,303.75 2,451,303.75 2,451,303.75

7/15/2028 39,805 1,495 4.25 955,172.50 2,450,172.50 2,450,172.50 4,901,476.25 4,907,000

1/15/2029 38,310 1,525 4.35 923,403.75 2,448,403.75 2,448,403.75

7/15/2029 36,785 1,560 4.35 890,235.00 2,450,235.00 2,450,235.00 4,898,638.75 4,904,000

1/15/2030 35,225 1,595 4.45 856,305.00 2,451,305.00 2,451,305.00

7/15/2030 33,630 1,630 4.45 820,816.25 2,450,816.25 2,450,816.25 4,902,121.25 4,908,000

1/15/2031 32,000 1,665 4.55 784,548.75 2,449,548.75 2,449,548.75

7/15/2031 30,335 1,705 4.55 746,670.00 2,451,670.00 2,451,670.00 4,901,218.75 4,907,000

1/15/2032 28,630 1,745 4.65 707,881.25 2,452,881.25 2,452,881.25

7/15/2032 26,885 1,785 4.65 667,310.00 2,452,310.00 2,452,310.00 4,905,191.25 4,911,000

1/15/2033 25,100 1,825 4.75 625,808.75 2,450,808.75 2,450,808.75

7/15/2033 23,275 1,870 4.75 582,465.00 2,452,465.00 2,452,465.00 4,903,273.75 4,909,000

1/15/2034 21,405 1,915 4.85 538,052.50 2,453,052.50 2,453,052.50

7/15/2034 19,490 1,960 4.85 491,613.75 2,451,613.75 2,451,613.75 4,904,666.25 4,910,000

1/15/2035 17,530 2,005 4.95 444,083.75 2,449,083.75 2,449,083.75

7/15/2035 15,525 2,055 4.95 394,460.00 2,449,460.00 2,449,460.00 4,898,543.75 4,904,000

1/15/2036 13,470 2,105 5.05 343,598.75 2,448,598.75 2,448,598.75

7/15/2036 11,365 2,160 5.05 290,447.50 2,450,447.50 2,450,447.50 4,899,046.25 4,905,000

1/15/2037 9,205 2,215 5.10 235,907.50 2,450,907.50 2,450,907.50

7/15/2037 6,990 2,270 5.10 179,425.00 2,449,425.00 2,449,425.00 4,900,332.50 4,906,000

1/15/2038 4,720 2,330 5.15 121,540.00 2,451,540.00 2,451,540.00

7/15/2038 2,390 2,390 5.15 61,542.50 2,451,542.50 2,451,542.50 4,903,082.50 4,909,000

Totals $52,000 $31,584,378.49 $83,584,378.49 ($5,277,910.99) $78,306,467.50 $78,306,467.50 $78,403,000

(1) Assumes current interest rates, plus 1.0%.

(2) Based on total annual debt service rounded up to next $1,000, plus $5,000 for trustee and miscellaneous fees.

(Preliminary - Subject to Change)

(Internal Use Only)

APPENDIX A

INDIANAPOLIS PUBLIC SCHOOLS

ILLUSTRATIVE SCHEDULE OF AMORTIZATION OF $52,000,000

PRINCIPAL AMOUNT OF FIRST MORTGAGE BONDS, SERIES 2019

Assumes Bonds Dated: May 01, 2019

(Prepared by Umbaugh - October 5, 2018 )

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